Intuit announced earlier this week that it has aquired Fifo, a cloud-based workpaper management system for accounting and tax professionals. The system is a part of Intuit's continuing development of it's Practice Management suite,
"As the time saving benefits of online and mobile solutions to small businesses and accounting professionals become more undeniable, I’m excited to announce we’ve acquired Fifo, an Australian market leader in online accounting practice management software," Intuit's Jill Ward said in a blog post. Ward is the Senior Vice President & General Manager of Intuit Accounting Professionals Division.
"Fifo’s innovative cloud technology is helping make accounting and bookkeeping firms around the world more efficient, more profitable, while improving their cash flow and growth. By joining Intuit, our combined teams will be able to solve big problems for accountants and bookkeepers, helping them save time and better collaborate with clients."
Intuit announced its new Practice Managment suite in June, with a demonstration of the cloud-based system designed for public accountants and tax professionals serving multiple clients across multiple types of services. It includes integrated modules for client management, engagement management, time and billing and reporting, as well as direct integration with the Lacerte and ProSeries professional tax compliance systems. One of the chief benefits that Intuit has attained in the suite is a consistency of interfaces and user experiences across all modules and functions.
With Fifo integrated into the system, Intuit will add tax workpaper management capabilities, and the company also plans on weaving that technology into the newly redesigned U.S. and international versions of QuickBooks Online.
"This acquisition is an important step in helping us expand our global presence and solve more of the accounting professional’s workflow," Ward added. Fifo’s global ready solution helps professional accounting practices and bookkeepers improve practice profitability, drive efficiencies and improve client service levels. The offering provides online workpapers, workflow, document sharing, client collaboration and communication – and will be fully integrated into the QuickBooks Online ecosystem and our Virtual Office for accounting professionals. It will be offered at no charge to accounting professionals."
“At Fifo, we’ve focused on helping accounting firms and bookkeepers around the world use online solutions to run a more efficient office and be more profitable," said Shane Macfarlane, Fifo's CEO and Director, who will be joining Intuit’s global operations. "Now with the power of Intuit’s market-leading QuickBooks accounting and financial solutions, we’ll be able to accelerate the pace of delivery and dramatically increase the number of customers we can serve. This is a great day for our company, our customers, and accounting professionals around the world.".